"Undoubtedly if the hostile actions of certain European countries continue, oil exports to these countries will be stopped," said Qalebani.

On Sunday, Iran's Oil Ministry announced that it has cut oil exports to British and French firms. However, market sources reported that the two European powers have already stopped importing Iranian oil ahead of Tehran's announcement.

On Monday, oil prices hit a nine-month high in Asian trade following Iran's oil cut announcement, the highest levels since May 5, 2011.